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Rupee surges 30 paise against US dollar in early trade; rising crude prices weigh in on domestic currency

Forex dealers said selling of the American currency by exporters supported the rupee,

The rupee appreciated by 30 paise to 69.98 against the US dollar in opening trade on Thursday, driven by foreign inflows and positive opening in domestic equities. This is the third successive session of gain for the domestic currency.

The rupee opened strong at 70.08 at the interbank forex market and then gained further ground and touched 69.98, a gain of 30 paise over its last close, a PTI report said.

Forex dealers said selling of the American currency by exporters supported the rupee, but rising crude prices weighed on the local unit and capped the upmove.

On Wednesday, the rupee had strengthened by 21 paise to close at 70.28 against the US dollar on easing crude oil prices even as the greenback strengthened vis-a-vis other major currencies. Forex traders said heavy buying in domestic equities and robust foreign fund inflows also propped up the rupee.

On Tuesday, the rupee had rebounded by 43 paise to finish at 70.49 against the US dollar.

Meanwhile, foreign investors (FIIs) remained net buyers in the capital markets, putting in Rs 1,130.78 crore on a net basis Wednesay, as per provisional data.

Meanwhile, the benchmark BSE Sensex was trading higher by 49.01 points, or 0.13 per cent, to quote at 36,685.11 in early trade, while the NSE Nifty was quoted at 11,057.25, up by 4.25 points, or 0.04 per cent.